Irish mining company Kenmare Resources today posted a loss of $16.3 million (€11 million) for last year.
However, the company, which operates a titanium mine in Mozambique, more than doubled it revenue for last year to $92 million, up from $42 million the previous year.
Production of heavy minerals at the Moma mine in Mozambique was hampered last October due to a flooding incident which caused a shut-down of operations in October.
“Production in 2010 would have been greater were it not for the month long cessation of mining operations while extensive additional protection measures against breaches were put in place at the mine. This contributed to lower than expected production in the last quarter,” it said in a statement today.
The company said it expected the mine to run at “design capacity” for the rest of the year.
It said the ongoing recovery in world economies, and especially developing economies, had resulted in a “significant increase in underlying demand” for its products.